The Governor of the Bank of Ghana, Dr. Johnson P. Asiama, has emphasized the need for an industry-led strategy to accelerate digital finance in Ghana.
Speaking at the Ghana Association of Banks Industry Thought Leadership Event, Dr. Asiama highlighted the rapid transformation of Ghana’s digital finance landscape, with mobile money platforms processing over 97% of digital transaction volumes and 72% of value.
Dr. Asiama identified the key challenge as designing relevant and inclusive financial products that meet the real needs of ordinary Ghanaians, particularly low-income populations, women, and rural dwellers. He emphasized the importance of industry-led strategies to deepen engagement, unlock new value, and drive meaningful financial inclusion across every segment of society.
The Governor reassured stakeholders that the recent stability of the exchange rate is not accidental, but rather the result of sound monetary policy, enhanced transparency in the foreign exchange market, and improved external sector fundamentals.
He emphasized the Bank of Ghana’s commitment to a flexible exchange rate regime, anchored in fundamentals, responsive to shocks, and supported by credible policy tools.
Dr. Asiama outlined three priority areas for digital finance: Firstly, Reclaiming Digital Distribution through Open Infrastructure: facilitating API standardization, driving competitive product layering, and empowering customers with data portability and consent-driven services.
Secondly, Building a Shared Digital Identity Layer: implementing interoperable digital identity standards to enable seamless KYC and onboarding, cross-platform authentication, and financial continuity for underbanked populations. And thirdly, Collaborative Models for Last-Mile Inclusion: developing blended delivery models, co-created products, and shared digital rails to reach underserved populations.
The Governor announced three initiatives to support the growth of digital finance: National Digital Finance Interoperability Forum: a quarterly dialogue platform to ensure sustained policy alignment. Digital Identity Integration Mandate: guidelines requiring financial service providers to adopt interoperable digital identity standards. AI and Risk Governance Working Group: developing policy recommendations on AI usage in credit scoring, fraud detection, and financial decision-making [6].
